Freight transportation management company Echo Global Logistics is being purchased by New York private equity firm The Jordan Co. in a deal valued at $1.3 billion.

Chicago-based Echo (Nasdaq: ECHO) said Jordan is paying $48.25 a share for the company, which is a 54% premium over Echo’s closing stock price on Thursday. After the deal closes, Echo will become a private company “which it expects will provide additional resources and greater flexibility to continue to build its technology and data science…

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